Capital Markets

The Q3 2025 CFO Survey, conducted by the Richmond Federal Reserve Bank in collaboration with the Atlanta Fed, reveals that CFO optimism about the U.S. economy has risen from 60.9% to 62.9%. For the third consecutive quarter, trade policies and customs tariffs remain CFOs’ top concern, while worries about monetary policy and inflation have intensified. Companies’ revenue growth expectations for 2025 have increased from 5.4% to 7.8%, while unit cost expectations declined from 5.2% to 4.7%. Investment plans prioritize repair and renovation, with half of firms anticipating demand growth over the next 12 months. The survey results demonstrate that CFOs maintain a cautious approach to risks while expressing optimism regarding revenue growth and demand expectations.

Corporate treasury management in high-inflation environments requires scenario-based liquidity planning (e.g., Monte Carlo and “what-if” analyses), proactive FX hedging with derivatives, and diversified reserves in inflation-resistant assets. A balanced mix of fixed and variable-rate debt, regular stress tests, and AI-driven decision support are crucial for maintaining financial stability and efficiency.